One victim was found in a car, the other was found nearby. Both were rushed to hospital with serious injuries.

The men were sitting in this car about a block from Jack Poole Plaza when they were shot on Monday night. (CBC)

Tejinder Singh Malli, a 29-year-old Richmond man, later died from his injuries. The other 28-year-old North Vancouver man remains in serious condition.

"The victims are known to police, are associated to gangs and are connected to the drug trade. It is still early in the investigation, but the murder does appear to be targeted," said Sgt. Randy Fincham in a statement on Tuesday morning.

Police say there were several witnesses to the shooting, and their accounts vary, but investigators believe more than one suspect may have been involved in the shooting. No arrests have been made in the case.

Anyone with information who has not yet spoken to police is asked to contact the VPD Major Crime Section at (604) 717-2500 or Crime Stoppers at 1 (800) 222-8477.